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Unformatted text preview: ry important to understand that for any real system, there is no perfect model. One always tries to improve and reach to a better model. However while modelling, one must make a trade off between accuracy, flexibility, cost. Increasing the accuracy of a model generally increases cost and decreases its flexibility. The goal of modelling process should be to obtain a sufficiently accurate and flexible model at a low cost. Note that usually in mathematics, we find very precise and explicit problems, which we are asked to solve completely. We may have to struggle to find the solution, but once we get it, we are done. This is not the case in modelling, where we encounter unclearly stated and ambiguous problems which we can never hope to solve completely! In the following we consider a general framework for the modelling process. These steps provide only a basic methodology/ broad guidelines for modelling, which are ususally followed consciously or unconsciously in modelling. However, there is no set theory of mathematical modelling....
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- Winter '14